Delton de Armas, former chief financial officer of Taylor Bean & Whitaker Mortgage Corporation (TBW), has pled guilty to making false statements and conspiring to commit bank and wire fraud for his role in a more than $2.9 billion fraud scheme that contributed to the failures of TBW and Colonial Bank.

Recall that ML-Implode blew the whistle on TBW a year before it collapsed, but the Feds ignored our tip (and later were called to account for it). So we watch all this TBW stuff closely.